A new loan for Mobinil of $570 million

The Egyptian company for mobile phone services Mobinil obtained a new local and international loan of $570 million, including $220 million in international facilities presented by 15 banks and international financial corporations and $340 million pounds to be raised in the form of bonds inside the Egyptian financial market. The rest are local loans to be presented through Egyptian investment and financial corporations.

Egyptian banking sources told ArabicNews.com that, "Part of the loan will be for paying back a short-term loan obtained by Mobinil from Egyptian and foreign financial corporations at the beginning of its activity to finance the urgent needs, while the second part of the loan is directed to finance operations to develop the network."